Sui. Sui. When you say it out loud, it kinda feels good in your mouth, doesn't it?
The Sui Network is something I've been semi-bullish on for a long time, but compared to Solana or Hyperliquid, Sui has been a layer 1 where I haven't spent that much time. This is now slowly changing as I feel like going deeper and deeper into the rabbit hole, feeling those early Solana-ish vibes.
Compared to Solana, I'm not feeling the Pumpdotfun kind of memecoin madness on SUI, but instead, there are a lot of very good defi apps there which we're gonna take a look at in this blog post.
Before going into that, I'd like to share this interesting thread about stablecoin transactions on Sui:
Link to thread: https://x.com/eyezenhour/status/1937940840711917982?t=be3_wRWYkbRw13TSoI0lkg&s=09
According to my logic, this kind of stablecoin activity often indicates wider interest and as SUI already has a good range of apps, relatively low fees, and offers a good UX, I think the chain and the token might do great in this cycle.
Before checking out the dapps, a quick look at the SUI tokenomics.
Although $SUI has been performing very well in a year, it's good to pay attention to their market cap/FDV ratio, which is currently at 0.34 according to CoinGecko. This means that quite a bit of tokens are still locked, and once unlocked, they increase the supply that could then lead to increased sell pressure.
So far, the unlocks have been absorbed pretty well, and $SUI has shown some strength during the volatile springtime.
If Sui starts to gain even more positive attention, I'm sure the increased demand will keep absorbing the unlocks, but still, that's something to keep in mind.
Now, let's get into the dapps. Pawtato app is a pretty recent discovery, and although I haven't been onboard for that long, I've already grown quite fond of it.
You can think of Pawtato as a Sui hub, or a personal Sui dashboard.
It tracks your Sui wallets, showing asset allocation, defi positions and NFT holdings across the whole Sui network. You can make swaps there, set notifications for price movements of different assets, and complete quests to earn airdrop points. They also list ongoing and claimable Sui airdrops.
They also have the bull market top indicator that you can keep an eye out for so you don't get carried away and know when to exit when things get heated up again.
Probably the most interesting thing on the platform is Pawtato Land.
This NFT collection was launched a week ago and sold out almost immediately. The total supply is 15,000, which may seem a bit much at first, but here's the catch: land can be merged, creating wider, more valuable areas that unlock more benefits.
We can merge 4 land plots into one Estate and 9 lands into a Province. This will then reduce the total supply significantly if the perks are good enough for users to decide to merge.
Land can also be staked to earn more XP, resources, lowered fees and other rewards, such as whitelist mint spots for upcoming NFT launches.
The mint prices for land were:
Even though the minting is over, you can still get land on Tradeport (link on Pawtato app). The current floor price is 8.25 SUI ($22.27).
The next one is a very simple staking platform. On Volo, you can stake your SUI for vSUI, which is a staked version of SUI earning a small APR. In addition to yield, you will also earn points for their upcoming airdrop.
So, just by holding vSUI will earn you APR and points, but if you decide to lend it on the NAVI platform, you will get twice the amount of points per hour. Borrowing vSUI earns you even more points.
On NAVI, you can compare the SUI & vSUI lend/borrow APRs and strategise a bit. For example, the SUI borrow APR is currently incentivised, so the total APR is very low. What I've been doing is borrowing SUI against my vSUI and minting vSUI. This looping strategy is earning me more points while I'm still maintaining a positive APR number.
Just remember to watch your health level on the platform so you won't get liquidated.
The very first app I used on Sui was Bluefin. Here you can do swaps, trade perps, lend/borrow assets, and provide liquidity into concentrated liquidity pools that is definitely my favourite activity.
Concentrated liquidity pools differ from the regular ones in a way that we can set the effective range ourselves instead of using the infinite one. This will maximise the earnings from fees as long as the price stays within the selected range.
Another thing worth mentioning is the rise of BTCfi on Sui. If you think the altcoin market is too volatile (which it kinda is) for your taste and want more Bitcoin exposure, I'd recommend checking out BTC pairs on Blufin.
The platform doesn't currently have an airdrop program(that I know of), but the good APRs make it worth looking into, in my opinion.
You can access the Sui network by using one of the popular wallets, such as Phantom or Backpack, for example. I'm using the Slush, which is pretty great, although it's not Rabby. Well, nothing is, but there are some cool features on Slush that I really like.
For instance, Slush displays all the apps I've visited at the top of the apps section. Small thing, but makes the navigation between dapps easy, fast and secure.
Another thing, which by now should be mandatory with every wallet, is Slush showing the defi positions, staking & LPs and their value.
The one thing I don't like is Slush asking password every time I need to sign a transaction. Perhaps it's a security feature, but we should be able to turn it off at least. That being said, Slush is still a solid option for a Sui wallet.
Well, that's about it for the Sui network. For me, SUI remains the top 3 of my high-conviction assets along with HYPE and SOL. As for the network, I still feel like I've only scratched the surface with the apps I'm using, but ready to explore more, so what's your favourite Sui app? Let me know in the comments! 👇
Thank you for reading.
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🔹 Hyperliquid - the best perp DEX out there. Trade, stake & farm the next big airdrop!
🔹 HyperSwap - Swap & provide liquidity on HyperEVM, earn points for the airdrop
🔹 HypurrFi - farm airdrop points with stables by entering ref code BRANDO28
🔹 LeoDex - multi-chain, multi-wallet dex for all of your swaps
🔹 VOLO - stake SUI to earn APR & airdrop points!
🔹 Pawtato Land - very useful SUI dashboard, earn XP for the airdrop by completing small tasks
🔹 Huma Finance - easy to farm an airdrop on Solana. Deposit USDC, earn APR % points
